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Leidi Network, Lei Jianping, March 24
Jiangsu NEW VISION CO., Ltd. (abbreviated as &#34;NEW VISION CO&#34;, stock code: &#34;02632&#34;) was listed on the Hong Kong Stock Exchange today.
NEW VISION CO's issue price is HKD 44.2, with 16.2265 million shares offered, raising HKD 716 million.
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The cornerstone investors of NEW VISION CO are Yingke No. 1 and Hong Kong High Precision, subscribing a total of HKD 110 million, of which Yingke No. 1 subscribed HKD 55 million and Hong Kong High Precision subscribed HKD 54.95 million.
NEW VISION CO opened at HKD 43.9, down less than 1% from the issue price; the closing price was HKD 27.88, down 36.92% from the issue price.
Based on the closing price, NEW VISION CO's market value is HKD 3.44 billion.
Revenue of HKD 479 million with a loss of HKD 340 million in the first 9 months
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NEW VISION CO was established in 2015 and is a national high-tech enterprise integrating research and development, production, and services. Its main products include W-HUD, AR-HUD, CMS, transparent A-pillar, transparent window display, and other intelligent cockpit-related products.
NEW VISION CO has established a presence in five regions across the country: Yizheng (headquarters and manufacturing center), Xi'an (R&amp;D center), Shanghai (management and customer service support center), Changchun (northern service center), and Chongqing (southwestern service center).
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NEW VISION CO is committed to enhancing the digital experience of smart cars through technological means and is a leading supplier of in-car visual solutions in China, with mass production clients including Nio, Geely, BAIC, and Chery.
NEW VISION CO collaborates deeply with OEMs during the solution definition phase to co-create new models that provide a more in-depth human-vehicle interaction and intelligent driving experience
Xiaomi CEO Lei Jun once met with brothers Zhang Bo and Zhang Tao, after which Shunwei Capital became a shareholder of NEW VISION CO, and later, NEW VISION CO became a supplier for Xiaomi Auto, laying the groundwork.
CyberVision has been applied to the high-end electric vehicles developed by Xiaomi. CyberVision features a 4.1-inch TFT PGU display with a display area resolution of up to 1280×640. CyberVision can generate a super-large virtual image of 56 inches, with a projection VID of 7 meters, providing a wide 10°×3.6° FoV, creating an immersive interface.
In terms of interaction, CyberVision supports dual operation modes: voice activation through Xiao Ai Assistant and touch control. This solution integrates with the central control screen, flip dashboard, rear tablet, and smartphone, forming a five-screen interactive ecosystem that enables cross-screen transmission of information such as navigation and entertainment.
The prospectus shows that NEW VISION CO's revenue for 2022, 2023, and 2024 is projected to be 214 million yuan, 549 million yuan, and 578 million yuan, respectively; gross profit is projected to be 48.38 million yuan, 140 million yuan, and 158 million yuan, with gross margins of 22.6%, 25.6%, and 27.3%, respectively; losses during the period are projected to be 256 million yuan, 175 million yuan, and 140 million yuan, with annual loss rates of 119.7%, 31.8%, and 23.9%.
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In the first nine months of 2025, NEW VISION CO's revenue was 479 million, an increase of 11.4% compared to 430 million in the same period last year; gross profit was 115 million, with a gross margin of 23.9%, down 3.4% from 27.3% in the same period last year; the loss during the period was 343 million, compared to a loss of 128 million in the same period last year.
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NEW VISION CO's adjusted net profit for 2022, 2023, and 2024 is projected to be -79.13 million, 13.31 million, and -7.13 million, respectively; as of the first nine months of 2025, the adjusted net loss is projected to be 17.46 million.
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As of September 30, 2025, NEW VISION CO held cash and cash equivalents of 100 million yuan.
Shunwei and FAW Investment are shareholders.
The executive directors of NEW VISION CO are Zhang Tao, Zhang Bo, and Fan Xin, while the non-executive directors are Hu Bin, You Tianyu, and Ms. Zheng Shiying. The independent non-executive directors are Ms. Yang Mengying, Ms. Sun Hui, and Professor Bai Jian. Zhang Tao and Zhang Bo are brothers, with Zhang Bo being the younger brother.
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Before the IPO, Zhang Bo held 8.3% of the shares, Zhang Tao held 5.93%, Ms. Ye Jing and Ms. Guo Hui held 3.87% each, Wang Zhenggang held 3.41%, and Lv Tao and Ms. Lv Xianglian held 1.55% each. Yangzhou Ze Wu held 9.12%, and Yangzhou Ze Ying held 7.06%.
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Shareholding structure of NEW VISION CO before the IPO.
Shunwei Capital held 7.08% through Golden Growth III, Qianzhan Yuanzhi held 7.04%, Kenge Capital held 5.39%, Suzhou Sushang held 3.66%, Jiaxing Kailian held 3.61%, Wenzhou Kechuang held 3.36%, Jiaqiao Capital held 3.14%, and FAW Investment held 2.66%;
Changjiang Investment held 2.6%, Binfu Capital held 2.34%, Jiaxing Jun Tai held 2.34%, Huang Zhigang held 2.08%, Shunyi Fund held 1.78%, Lianshan Investment held 1.36%, Gongqingcheng Yintai held 1.35%, Gold Investment and Anhui Jiaokong held 1.1% each, Ningbo Youfu held 1.06%, Yangzhou Qizheng held 0.96%, and Yuhu Investment held 0.43%.
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After the IPO, Zhang Bo held 7.21% of the shares, Zhang Tao held 5.15%, Ms. Ye Jing and Ms. Guo Hui held 3.36% each, Wang Zhenggang held 2.96%, and Lv Tao and Ms. Lv Xianglian held 1.34% each. Yangzhou Ze Wu held 7.92%, and Yangzhou Ze Ying held 6.13%, totaling 38.79% of the shares
Shunwei Capital holds 6.15% through Golden Growth III, Qianzhan Yuanzhi holds 6.11%, Kenge Capital holds 4.68%, Suzhou Sushang holds 3.18%, Jiaxing Kailian holds 3.14%, Wenzhou Kechuang holds 2.92%, Jiaqiao Capital holds 2.72%, and FAW Investment holds 2.31%;
Changjiang Investment holds 2.25%, Binfu Capital holds 2.03%, Jiaxing JunTai holds 1.94%, Huang Zhigang holds 1.81%, Shunyi Fund holds 1.87%, Lianshan Investment holds 1.18%, Gongqingcheng Yintai holds 1.18%, GoldInvestment and Anhui Jiaokong each hold 0.96%, Ningbo Youfu holds 0.92%, Yangzhou Qizheng holds 0.83%, Yuhu Investment holds 0.37%, Zhao Huarong holds 0.24%, Zheng Yanhua and Zhang Feng each hold 0.16%, and public shareholders hold 13.15%.
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02632

NEW VISION CO was listed on the Hong Kong Stock Exchange on March 24, with an issue price of HKD 44.2, an opening price of HKD 43.9, and a closing price of HKD 27.88, down 36.92% from the issue price, with a market capitalization of HKD 3.44 billion. The company's revenue for the first 9 months was HKD 479 million, with a loss of HKD 340 million. NEW VISION CO was established in 2015 and focuses on products related to smart cockpits, aiming to enhance the digital experience of smart vehicles

NEW VISION CO listed on the Hong Kong stock market: plummeted 37%, company market value HKD 3.4 billion, lost HKD 340 million in 9 months